A person working as a Loss Control Specialist in Hong Kong typically earns around 32,300 HKD per month. Salaries range from 15,800 HKD (lowest) to 50,400 HKD (highest).
This is the average monthly salary including housing, transport, and other benefits. Loss Control Specialist salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Loss Control Specialist salaries in Hong Kong range from 15,800 HKD per month (minimum salary) to 50,400 HKD per month (maximum salary).
The median salary is 33,000 HKD per month, which means that half (50%) of people working as Loss Control Specialist(s) are earning less than 33,000 HKD while the other half are earning more than 33,000 HKD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Loss Control Specialist(s) are earning less than 22,000 HKD while 75% of them are earning more than 22,000 HKD. Also from the diagram, 75% of Loss Control Specialist(s) are earning less than 42,500 HKD while 25% are earning more than 42,500 HKD.
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Loss Control Specialist salaries by experience level and this is what we found.
A Loss Control Specialist with less than two years of experience makes approximately 18,800 HKD per month.
While someone with an experience level between two and five years is expected to earn 24,100 HKD per month, 29% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 33,300 HKD per month, 38% more than someone with two to five years of experience.
Additionally, Loss Control Specialist(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 41,200 HKD per month, 24% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 44,200 HKD per month, 7% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 47,100 HKD per month, 7% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+29%|
|5 - 10 Years||+38%|
|10 - 15 Years||+24%|
|15 - 20 Years||+7%|
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Loss Control Specialist salaries by education level in order to make a comparison.
When the education level is Bachelor's Degree, the average salary of a Loss Control Specialist is 23,400 HKD per month.
While someone with a Master's Degree gets a salary of 37,600 HKD per month, 60% more than someone having a Bachelor's Degree degree.
A Master's degree program or any post-graduate program in Hong Kong costs anywhere from 183,000 Hong Kong Dollar(s) to 549,000 Hong Kong Dollar(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Loss Control Specialist employees in Hong Kong earn 8% more than their female counterparts on average.
Loss Control Specialist(s) in Hong Kong are likely to observe a salary increase of approximately 6% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
Listed above are the average annual increase rates for each industry in Hong Kong for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
A Loss Control Specialist is considered to be a moderate bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
62% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 38% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.
The most standard form of bonus where the employee is awarded based on their exceptional performance.Company Performance Bonuses
Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.Goal-Based Bonuses
Granted upon achieving an important goal or milestone.Holiday / End of Year Bonuses
These types of bonuses are given without a reason and usually resemble an appreciation token.
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
The main two types of jobs
|Revenue Generators||Supporting Cast|
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.
Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
The average salary for Loss Control Specialist is 12% less than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.
|Job Title||Average Salary|
|Actuarial Analyst||45,300 HKD||+40%|
|Actuarial Assistant||31,700 HKD||-2%|
|Adjustment Insurance Clerk||12,600 HKD||-61%|
|Assistant Broker||21,300 HKD||-34%|
|Assistant Claims Manager||37,800 HKD||+17%|
|Associate Insurance Representative||18,900 HKD||-42%|
|Auditing Insurance Manager||50,300 HKD||+56%|
|Claim Advocacy Professional||34,300 HKD||+6%|
|Claims Adjuster||12,500 HKD||-61%|
|Claims Analyst||17,500 HKD||-46%|
|Claims Examiner||17,400 HKD||-46%|
|Claims Manager||47,200 HKD||+46%|
|Claims Processor||12,400 HKD||-62%|
|Claims Representative||15,400 HKD||-52%|
|Claims Resolution Specialist||36,700 HKD||+14%|
|Claims Supervisor||36,400 HKD||+13%|
|Complaints Specialist||33,000 HKD||+2%|
|Compliance Officer||28,500 HKD||-12%|
|Eligibility Specialist||36,700 HKD||+14%|
|Insurance Account Manager||44,700 HKD||+38%|
|Insurance Accounts Executive||38,200 HKD||+18%|
|Insurance Agent||21,500 HKD||-33%|
|Insurance Analyst||35,700 HKD||+10%|
|Insurance Appraiser||35,200 HKD||+9%|
|Insurance Claims Clerk||13,000 HKD||-60%|
|Insurance Examiner||32,000 HKD||-1%|
|Insurance Investigator||32,700 HKD||+1%|
|Insurance Manager||59,300 HKD||+84%|
|Insurance Operations Manager||61,100 HKD||+89%|
|Insurance Policy Processing Clerk||12,900 HKD||-60%|
|Insurance Pricing Assistant||28,400 HKD||-12%|
|Insurance Program Manager||44,400 HKD||+37%|
|Insurance Project Manager||42,800 HKD||+32%|
|Insurance Quality Assurance Agent||28,800 HKD||-11%|
|Insurance Sales Agent||20,600 HKD||-36%|
|Insurance Sales Director||55,100 HKD||+71%|
|Insurance Team Leader||38,200 HKD||+18%|
|Insurance Underwriter||25,400 HKD||-21%|
|Loss Control Specialist||32,300 HKD||-0%|
|Loss Prevention Investigator||34,700 HKD||+7%|
|Loss Prevention Manager||48,400 HKD||+50%|
|Loss Prevention Specialist||39,000 HKD||+21%|
|Marine Underwriter||27,300 HKD||-16%|
|Medical Auditor||35,000 HKD||+8%|
|Monitoring and Performance Officer||24,100 HKD||-25%|
|Payment Services Specialist||33,500 HKD||+4%|
|Policy Change Director||56,800 HKD||+76%|
|Policy Change Supervisor||39,100 HKD||+21%|
|Policy Change Technician||17,500 HKD||-46%|
|Risk Analyst||40,100 HKD||+24%|
|Risk Management Director||69,300 HKD||+110%|
|Risk Management Supervisor||44,600 HKD||+38%|
|Risk Manager||66,200 HKD||+100%|
|Risk Modeling Manager||66,000 HKD||+100%|
|Title Insurance Typist||30,500 HKD||-6%|
|Training Manager||37,200 HKD||+15%|
Where can you get paid more, working for a private company or for the government? Public sector employees in Hong Kong earn 10% more than their private sector counterparts on average across all sectors.